The insurance market is more competitive than ever. Brokers are finding it increasingly difficult to differentiate themselves in an industry that’s getting more and more crowded. How then, do you stand out amongst the insurance crowd? The answer could very well lie in technology. However, before you rush out to buy yourself the latest benefits administration platform or social media management tool, you should consider whether the technology is really going to help you, or whether it’s going to be more of a hindrance.
Technology is an enabler, not a differentiator
A really important point to understand when you’re looking at technology to improve your services is the fact that technology shouldn’t be what you sell. First and foremost, what you’re selling is your expertise. Your clients come to you for your knowledge, not because you’ve got the latest, shiniest, technology. Don’t make your technology your unique selling point. Firstly, it’s not a great sales hook that’ll attract the right clients for you. Secondly, you’ll constantly find yourself shelling out for the latest update whenever it changes – and technology changes constantly. You’ll soon find any profits eaten up in investing in newer software simply to keep your USP alive.
Keep up to date
As previously mentioned, technology is constantly changing. Technology companies are always looking to beat each other and find the next big thing first. By keeping up with the latest trends in insurance technology, you’ll be able to bring solutions to market before your competitors. Furthermore, knowing the latest trends and developments will cement your expertise in the eyes of your clients.
Make sure it helps
Before you make the decision to use any new technology, you should first ask yourself whether the technology helps you or your clients. You want your technology to make your working life (or your clients’ lives) better. A good example of this is bringing on an admin benefits platform like CoverageSpace that will streamline how your clients manage their health benefits.
Technology is a great thing if used correctly. First and foremost, you shouldn’t seek to replace your services with technology as your clients come to you for your own human expertise. Instead, use your technology behind the scenes to enable you to work more effectively. Make technology your servant, and not your master.